Trust Deed Forum - Urgent advice needed!!Trust deed in arrears
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 Urgent advice needed!!Trust deed in arrears
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Stresseddebtor
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5 Posts

Posted - 03 May 2022 :  19:19:29  Show Profile  Reply with Quote
Hi everyone, Iím so stressed currently! Iíve been in a protected trust deed which is due to end at the end of this year, Iím now in arrears two months and Iíve taken on more credit cards and also have come to terms with my gambling problems. Covid and furlough has also played a major part in this as I was on 80% pay during furlough and I took adbvantage of payment holidays and itís obviously all mounted up and now Iím in way over my head!! I need some urgent help!! I havenít contacted my trust deed company regarding the payments missed Iím so worried and just trying to hide from it all!! Any advice is appreciated

TDA (Debt Adviser)
Trust Deed Expert



13939 Posts

Posted - 03 May 2022 :  20:16:29  Show Profile  Reply with Quote
Welcome to the forum Stresseddebtor.

I think the best advice is to begin communicating with your trust deed provider.

Missing a series of payments could put your trust deed in jeopardy and therefore create the risk of you being put back to square one (or worse). Working with them to identify a way forwards is likely to lead to a better outcome.

Unfortunately they're not going to make financial allowances for you to repay any new debts, so you may need to negotiate with the credit card providers to find an interim solution until your trust deed has been completed.

In all honesty I've no idea how they could justify providing a credit card to someone in a trust deed because you're required to pay over your full disposable income every month. It's the very essence of irresponsible lending, so this fact might help you to negotiate something workable with them.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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Stresseddebtor
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5 Posts

Posted - 03 May 2022 :  21:23:36  Show Profile  Reply with Quote
Square one or worse as in? I totally agree that itís irresponsible lending
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Stresseddebtor
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5 Posts

Posted - 03 May 2022 :  21:26:40  Show Profile  Reply with Quote
Square one or worse as in? I totally agree that itís irresponsible lending
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TDA (Debt Adviser)
Trust Deed Expert



13939 Posts

Posted - 03 May 2022 :  22:00:30  Show Profile  Reply with Quote
Hi Stresseddebtor,

By square one I mean that your trust deed is failed and a chunk of your payments have been consumed by fees rather than having gone to repay your debts. You'd then need need to find a new way to deal with the debts.

Another possibility is that your trustee attempts to put a wage arrestment in place to collect your payments directly from your employer.

Another possibility is that you're made bankrupt. This could be especially serious if you own certain types of assets or if your employment would be affected. You'd also be required to make payments for a further 4 years if it was assessed that you could afford to.

Communicating with your trustee openly will reduce the risks mentioned above and, hopefully, help you to plot a route towards completing your trust deed in the relatively near future.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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Stresseddebtor
New Member

5 Posts

Posted - 03 May 2022 :  22:32:19  Show Profile  Reply with Quote
Thanks for the reply TDA, I have no assets, and my job wouldnít be affected by being bankrupt, I already got issued with a wage arrestment last month for Scott and co for unpaid council tax. Iím going to call my trustee tomorrow and hopefully get back on track
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